Venezuelan Energy and Oil Minister Rafael Ramirez said the president of state oil company, according to the 2005 policy of "sowing the oil program" to Venezuela's oil industry by 2015, total investment will reach 225 billion U.S. dollars, of which 100 billion U.S. dollars will be devoted to the development of the Orinoco heavy oil belt, when Venezuela's oil production is expected to reach 4.25 million barrels / day, of which the output of heavy oil belt from the current 53 million barrels / day to 185 million barrels / day. Venezuela's oil output by 2021 is expected to be further expanded to 6.86 million barrels / day, in which heavy oil production with 466 million barrels / day.
Past two years, Venezuela's oil industry, the annual amount of investment of around 15 billion U.S. dollars are expected to next year's investment will be maintained at the same level. Currently, Venezuela has proven reserves of 1423 billion barrels of oil in 2010 is expected to reach 3160 billion barrels, of which 2350 billion barrels of heavy oil for heavy oil belt.
Nov. 10, 2009
